General Growth Properties Buys Warrants Held by Blackstone, Fairholme

General Growth Properties, Inc. (NYSE: GGP ) announced today the purchase of warrants held by affiliates of The Blackstone Group ("Blackstone") and Fairholme Funds, Inc. ("Fairholme") for approximately $633 million. The Company will fund the transactions using its available cash resources. The warrants were exercisable into approximately 52 million common shares of the Company